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TMI Blog2016 (10) TMI 247X X X X Extracts X X X X X X X X Extracts X X X X ..... igh Court ) we are of the view that the Tribunal has not committed any error in excluding the excise duty at the time of valuation of the closing stock. In that view of the matter, we answer the issue in favour of the assessee - Tax Appeal No. 1839 of 2008 - - - Dated:- 7-7-2016 - KS Jhaveri And G. R. Udhwani, JJ. Mr KM Parikh, Senior Standing Counsel for the Appellant Mr. S.N. Sopar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... disallowances. Being aggrieved, the assessee preferred appeal before the Commissioner (Appeals) who partly allowed the appeal by deleting certain additions made by the Assessing Officer. Being aggrieved by the decision of the Commissioner (Appeals), the revenue and the assessee preferred appeals before the Tribunal. The Tribunal passed the order as aforesaid on 31.8.2007. 3. While admitting the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... decision of this court in the case of Assistant Commissioner of Income-tax v. Narmada Chematur Petrochemicals Ltd., reported in (2010) 327 ITR 369 (Guj) wherein it is held as follows: Held, dismissing the appeal, that the Tribunal was justified in excluding the excise at the time of valuation of the closing stock of finished goods at the end of the accounting period because: (a) no dedu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enhance the value of closing stock would result in enhanced opening stock on the first day of the next accounting period, namely, April 1, 1997. So the next year s profits would get depressed accordingly. Over a period of time the whole exercise would even out , in other words, be revenue neutral. At the same time while disturbing the value of the closing stock the assessing authority could not ch ..... X X X X Extracts X X X X X X X X Extracts X X X X
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